Speaker(s):  Cristian Vava 

Duration: 60 minutes

Track: Advanced Analytics and Insights

Strategy has remained one of the few areas of business activity not completely under the spell of business analytics. The main reason has been the unknowns in the supporting data, but other issues – such as overestimating the power of predictive algorithms or ignoring the effect of error propagation in complex computations – have created the impression that business analytics isn’t appropriate for strategy analysis. However, the human mind isn’t infallible either, and knowledge limitations, personal biases, or both often result in inappropriate business strategies.
This session will discuss fundamental issues we encounter in predictive analytics based on deep unknowns and analytics for low and very low probability events and then look at potential solutions. We’ll also analyze how the human mind works and what we can do to extend its capabilities and, thus, complement traditional strategic analysis tools.